Commodity Market Report
Global product markets weekly: US refiners up run rates, crude markets tighten
Report summary
The oil market rose last week, further extending the increases of the previous two weeks, reaching the highest weekly average for two years. North Sea Dated crude’s weekly average rose by US$1.22/bbl to US$71.17/bbl in the week to 11 June. The higher prices continued to be driven by optimism given the economic data shows western economies are recovering strongly. Wood Mackenzie’s short-term outlook expects US oil demand to return to 20 million b/d this month and crude prices rising further in July and August. Further OPEC+ production increases are likely to announced in the coming months, with prices expected to return to around current levels by the end of the year. Our global composite refining margin decreased US$0.24/bbl to US$3.98/bbl. Margins fell strongly in the Mediterranean as demand remained low, particularly in the east of the region.
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
Middle East product markets short-term outlook April 2024
This monthly update incorporates price forecasts/differentials, crude runs, refining margins and supply-demand balances through to end-2025.
$1,900
Commodity Market Report
Regional product markets short-term outlook March 2024
Monthly forecast of regional refining economics, regional demand and supply by product along with stock forecasts and a net trade forecast
$1,900
Commodity Market Report
Africa product markets short-term outlook April 2024
Incorporates product-by-product supply-demand balances through to end-2025 on a monthly basis
$1,900